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$2,400,000

For Sale - Active
970 Victoria Way, Sanibel, FL 33957
3 Beds
4 Baths
2,473 Square Feet
0.00 Acres Lot
Built in 1990
For Sale - Active
Units n/a
Checked: 2 days ago
Updated: Jul 16, 2025 at 08:37AM

Investment Summary


Monthly Cash Flow
-$10,404
Cap Rate
0.9%
Cash-on-Cash Return
-22.6%
Debt Coverage Ratio
0.15
Internal Rate of Return (5 years)
-17.8%

Property Description


0.00 Acres Lot
Built in 1990
For Sale - Active
Units n/a

Don’t miss the opportunity to own in the exclusive and small private boating and beach neighborhood of Victoria Cove. Made up of only 7 homes, this home features an elevator that provides convenient access from the ground to the fabulous, master suite. 970 Victoria Way has everything you need to enjoy island living. This stunningly remodeled home is located directly across the street from the Gulf where there is deeded beach access along with private beach parking. Your dock and 20,000# boat lift with all new mechanical and remote controls are located behind your home. A few of the features of this lovely home are impact glass windows and sliders with 10+ ceilings and trayed ceilings. The warm, bamboo wood flooring is throughout the home. The oversized kitchen and living room are designed with entertaining in mind. The kitchen features top of the line stainless appliances, large breakfast bar and premium granite. Stunning views of the canal from the kitchen, living room and lanai. The lanai features an outdoor kitchen. A beautiful premium elevator services all areas of the home. A magical, two-story library features custom designed steps taking you to the private library and reading area off the primary bedroom suite . The spacious primary suite includes elevator access, morning kitchen and private balcony with access to the rooftop sundeck where you can enjoy the views of the gulf waters. The primary bathroom features a large, walk-in shower, separate his and her vanities, his and her walk in closets with built in shelving and a soaking tub. Plenty of space for entertaining with 3 bedrooms, 3½ baths. The murphy bedroom and play nook is perfect for grandchildren. Extensive storage throughout the home, six + porches, professionally landscaped yard, fenced salt water pool & spa with new wifi controlled equipment in 2023. Top of the line brand new 21 Seer HVAC units in 2023. The owners thought of everything when remodeling this home including easy, low maintenance. The entire home has Hardie Board siding with PVC trim, IPE front stairs and porch. A major addition was completed in 2017 that included 2 dormers and 2 added rooms along with a new metal roof. Large 2 car garage plus extra storage for a small car/cart and tool storage. No interior damage from any storm. Victoria Cove is a small community on the convenient east end of Sanibel with boating access and convenient beach access a two-minute walk away. The home is being sold unfurnished, but furnishings are negotiable.

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Location


Property Details


Parking

  • Description: Mixed
  • Details: Attached, Garage, Garage Door Opener
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 4.0

Interior Features

  • # of Stories: 2

Exterior Features

  • Foundation: Pillar/Post/Pier, Raised
  • Roof Type: IRR/Cathedral
  • Roof Material: Metal
  • Pool: Yes

HOA

  • Has HOA: Yes
  • Additional HOA Fee: $2,700/quarterly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 294623T101500.0070
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Two Story, See Remarks, Stilt
  • Year Built: 1990

Tax Information

  • Annual Tax: $14,548

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air, Ceiling Fan(s), Electric, Zoned

Location

  • County: Lee

Listing Details


Listed by:
Teresa Baker
Royal Shell Real Estate, Inc.
(239) 233-6364

Source:
Florida Gulf Coast Multiple Listing Service
MLS#: 225058740
Florida Gulf Coast Multiple Listing Service

Investment Summary


Monthly Cash Flow
-$10,404
Cap Rate
0.9%
Cash-on-Cash Return
-22.6%
Debt Coverage Ratio
0.15
Internal Rate of Return (5 years)
-17.8%

Purchase Details

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Purchase price:
$2,400,000
Amount financed:
-$1,920,000
Down payment:
$480,000
Closing costs:
$72,000
Rehab costs:
$0
Initial cash invested:
$552,000
Square feet:
2,473
Cost per square foot:
$970
Monthly rent per square foot:
$2.35

Financing Details

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Loan amount:
$1,920,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$12,294
Property tax:
$1,212
Insurance:
$406
Private mortgage insurance (PMI):
$0
Monthly payment:
$13,912

Operating Income

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% Rent Monthly Yearly
Gross rent:
$5,800 $69,600
Vacancy loss: (6%)
6% -$348 -$4,176
Operating income:
$5,452 $65,424

Operating Expenses


% Rent Monthly Yearly
Property taxes: (21%)
21%-$1,212-$14,549
Insurance: (7%)
7%-$406-$4,872
Property management: (8%)
8%-$464-$5,568
Repairs & maintenance: (5%)
5%-$290-$3,480
Capital expenditures: (5%)
5%-$290-$3,480
HOA fees: (16%)
16%-$900-$10,800
Total operating expenses: (61%)
61%-$3,562-$42,749

Cash Flow


Monthly Yearly
Net operating income:
$1,890 $22,680
Mortgage payments:
-$12,294 -$147,528
Cash flow:
$10,404 $124,848